In some neighbourhoods, demand has pushed up lot prices as much as 30 per cent.

"The second it hits the market, you've probably got two, three people...already on top of it, doing the drive by and making offers on it," Shibley said. "You’ve got to be quick and you've got to be aggressive."

But the hot market has some worrying about the ramifications if the economy slows down.

Some Calgary developers say they are worried about the economic fallout from Europe and how it will affect the industry here. (CBC)

A major Swiss bank said Wednesday the European debt crisis has the potential to push the price of oil down to $50 US per barrel.

Todd Hirsch, senior economist with ATB financial, said he thinks it’s much more likely oil will level off rather than plummet dramatically, but he believes builders should still exercise caution.

"Probably a little bit more caution," Hirsch said. "We really don't know where these oil prices are going to end up. They have dipped and that has raised a lot of eyebrows."

"But at this point I don't think there's really any cause for alarm."

Shibley said because of the uncertainty, he will avoid building too much too fast.